Ericsson $ERIC Shares Bought by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio increased its Ericsson stake by 26.3% in the first quarter, buying 295,185 more shares and bringing its total to 1,418,076 shares worth about $15.98 million.
• Ericsson reported quarterly earnings of $0.13 per share on revenue of $5.43 billion, with a net margin of 10.72% and return on equity of 20.67%.
• Analysts are split on the stock, but the overall view is “Hold” with a consensus price target of $11.00, slightly above the recent share price of $9.33.

Public Employees Retirement System of Ohio lifted its stake in shares of Ericsson (NASDAQ:ERIC - Free Report) by 26.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,418,076 shares of the communications equipment provider's stock after acquiring an additional 295,185 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Ericsson were worth $15,982,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hennessy Advisors Inc. boosted its stake in Ericsson by 10.3% during the 4th quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider's stock valued at $158,000 after purchasing an additional 1,518 shares in the last quarter. RNC Capital Management LLC increased its position in shares of Ericsson by 2.5% during the 4th quarter. RNC Capital Management LLC now owns 64,667 shares of the communications equipment provider's stock valued at $624,000 after purchasing an additional 1,576 shares during the period. Geode Capital Management LLC raised its stake in shares of Ericsson by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 250,389 shares of the communications equipment provider's stock worth $2,123,000 after buying an additional 1,658 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its stake in shares of Ericsson by 7.2% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 42,902 shares of the communications equipment provider's stock worth $414,000 after buying an additional 2,869 shares in the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new stake in shares of Ericsson in the third quarter valued at $28,000. Institutional investors own 7.99% of the company's stock.

Ericsson Stock Performance

Shares of ERIC stock opened at $9.33 on Friday. Ericsson has a 1-year low of $7.16 and a 1-year high of $13.77. The company has a current ratio of 1.12, a quick ratio of 0.93 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $31.45 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 1.72 and a beta of 0.93. The stock's fifty day simple moving average is $11.63 and its 200-day simple moving average is $11.32.

Ericsson (NASDAQ:ERIC - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The communications equipment provider reported $0.13 earnings per share for the quarter. Ericsson had a return on equity of 20.67% and a net margin of 10.72%.The firm had revenue of $5.43 billion for the quarter. On average, sell-side analysts predict that Ericsson will post 0.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ERIC shares. Danske raised Ericsson from a "hold" rating to a "buy" rating in a research note on Wednesday, July 15th. Wall Street Zen cut shares of Ericsson from a "buy" rating to a "hold" rating in a research report on Saturday, April 25th. Citigroup reissued a "neutral" rating on shares of Ericsson in a report on Wednesday, July 15th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Ericsson in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $11.00.

Ericsson Profile

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company's core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.

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